Substantial Issuer Bid
On March 25, 2020, we commenced a SIB for the purchase of up to $25 million of common shares. This was equivalent to 12,820,512 common shares, or approximately 12% of our total issued and outstanding common shares based on a $1.95 per share purchase price (the minimum price per common share under the offer) as measured on the date of commencement. The SIB expired on April 30, 2020. During the time the SIB was active, the NCIB was suspended for the purchase of common shares and Series E Debentures, but not for the preferred shares of APPEL. We repurchased and cancelled 12,500,000 common shares under the SIB at a total cost of $25.8 million, including transaction costs, upon its expiration on April 30, 2020.
Share buybacks
Under the new NCIB, we repurchased and cancelled approximately 4.8 million shares at a cost of $10.3 million during the six months ended June 30, 2020. Subsequent to June 30, 2020 and through the date of this Form 10-Q, we repurchased and cancelled an additional 2,729,780 common shares at a total cost of $5.5 million.
We also repurchased and cancelled 381,794 Series 1 Shares, 62,365 Series 2 Shares and 120,000 Series 3 Shares of APPEL at a total cost of $6.4 million. As a result of the repurchase, a $7.4 million loss was attributed to the preferred shares of a subsidiary company in the condensed consolidated statements of operations for the six months ended June 30, 2020.
Status of Calstock and Oxnard PPAs
In May 2020, the PPA with the Ontario Electricity Financial Corporation for Calstock, which had been scheduled to expire in June 2020, was extended to December 16, 2020 under existing terms. The extension provides the provincial government additional time to evaluate the future role of the Calstock plant and biomass generation in the province.
The PPA with Southern California Edison for our Oxnard project expired on May 25, 2020 and was not renewed or extended. In May 2020, we executed a Reliability Must-Run (RMR) agreement for our Oxnard project with the California Independent System Operator that became effective June 1, 2020 and will expire December 31, 2020. The RMR agreement is conditioned upon the approval of the Federal Energy Regulatory Commission (FERC); the application for approval was submitted to the FERC on May 28, 2020 and is pending.
COVID-19 Pandemic
We are one of many companies providing essential services during this national emergency related to the COVID-19 pandemic. We have taken extra precautions for our employees who continue to work at our facilities and have implemented work-from-home policies where appropriate. Currently, we do not anticipate any employee layoffs and are continuing to maintain our high level of reliability and availability of our plants. We continue to implement strong physical and cybersecurity measures to ensure that our systems remain functional in order to serve our operational needs with a remote workforce and to keep our operations running to ensure uninterrupted service to our offtakers.
This is a rapidly evolving situation that could lead to extended disruption of economic activity. To date, we have not experienced significant issues to our business related to COVID-19. Nonetheless, as a result of the spread of COVID-19 in the United States and Canada, it is difficult to assess the impact on our customers, which may impact our financial results going forward. In addition, while we have not experienced significant supply chain issues so far, we continue to closely manage and monitor developments in our supply chain, particularly as it relates to fuel procurement. An extended slowdown of the U.S. economy, demand for commodities and/or material changes in governmental policy could result in lower demand for electricity and natural gas as well as adversely affect the ability of various customers, contractors, suppliers and other business partners to fulfill their obligations, which could have a material adverse effect on our results of operations, financial condition and prospects.